Menace of the modern day pirate

Instead of swords, pirate ships and chests of gold, the modern pirate’s world revolves around machine guns, speedboats and oil tankers. An energy prediction report from Deloitte, the business advisory firm, says that piracy has taken on a whole new meaning in the 21st century.

The report states: “With 20 per cent of the world’s commercial shipping passing through the Gulf of Aden and the Suez Canal, piracy has a big impact on economies, especially in Europe.”

The report also argues that we are heading towards a “golden age” of gas.

According to the report, gas will become the fuel of choice because of tightening environmental regulations, the expectation of ample supply at competitive prices, and the need to back up intermittent renewable sources such as wind and solar to ensure reliability.

The report also argues that roof-top panels could become obsolete, because sunlight could be converted into electricity using a paint-like substance that can be sprayed on roof-tops.

Chris Digby, energy and resources partner at Deloitte in Leeds said: “Over the last 12 months, we have seen the impact of the ‘Arab Spring’ on oil markets, rising commodity prices, as well as the debate over the future of nuclear power.

“The report predicts that the complexity of the offshore value chain will continue to grow substantially over the next decade and increasing complexity may very well trigger a new round of industry consolidation.”